Hackman Capital Partners is expected to relinquish ownership of Radford Studio Center to its lenders after defaulting on a $1.1 billion mortgage, Bloomberg reported Wednesday. The Los Angeles Times, via Hackman Capital Partners, will cede the historic L.A. production facility.

Hackman, identified as the world's largest independent studio owner, reportedly informed investors last month about the suspension of debt restructuring negotiations for the 55-acre site. The facility is expected to be turned over to Goldman Sachs.

The default arrives amid a significant downturn in film and television production volume since 2022, creating challenges for studio owners in leasing space. According to the Bloomberg report, Radford Studio Center's revenue covered only 21% of Hackman's debt service costs as of last June. This figure highlights the financial strain the studio faced in meeting its obligations.

Radford Studio Center is a well-known production facility in Los Angeles with a long history in the entertainment industry. The studio has hosted the production of numerous films and television shows. The change in ownership could potentially impact future productions and the overall studio landscape in Los Angeles.

The handover to lenders, specifically Goldman Sachs, suggests a potential restructuring or refinancing of the property's debt. The future plans for Radford Studio Center under new ownership remain uncertain. The situation is developing, and further details are expected to emerge as the transfer of ownership progresses.